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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq is at the forefront of Arab countries in exploration and refining over 22 years

    Rocky
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    Iraq is at the forefront of Arab countries in exploration and refining over 22 years Empty Iraq is at the forefront of Arab countries in exploration and refining over 22 years

    Post by Rocky Sun 11 Aug 2024, 7:18 am

    Iraq is at the forefront of Arab countries in exploration and refining over 22 years


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    2024-08-11 06:09
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    Shafaq News/ The Arab Investment and Export Credit Guarantee Corporation revealed, on Sunday, that Iraq is among the list of the best Arab countries in exploration and refining, during 22 years, i.e. from 2003 to 2024.
    The institution stated in a report reviewed by Shafak News Agency that the oil and gas sector in the Arab countries attracted 610 projects implemented by 356 foreign and Arab companies in the region at a total investment cost of about 406 billion dollars during the period between January 2003 and May 2024, i.e. about 22 years.
    The Foundation explained in its first sectoral report on oil and gas in Arab countries for the year 2024 that the United States topped the list as the most important investing country in the Arab region in the oil and gas sector in terms of the number of projects, reaching 85 projects representing about 14% of the total, while Russia topped the list in terms of investment costs, with a value of $61.5 billion, representing about 15.2% of the total, according to the database of foreign direct investment projects in the world.
    The report, which focuses on four main axes in the sector: forecasts for oil, gas and its products production and exports until 2030, foreign projects, investment risk assessment and sector-related businesses, added that foreign direct investment projects in the oil and gas sector during the period (2003-2024) were geographically concentrated in the UAE, Egypt, Iraq, Saudi Arabia and Qatar, where the five countries accounted for about 63.8% of the number of projects (389 projects), 71% of the investment cost ($288 billion), and 68.2% of new jobs (79.2 thousand jobs).
    The report indicated that the top ten companies accounted for about 18% of the number of new projects implemented, 43.5% of the capital cost, and 34.8% of the total new jobs, as Iraq is among the list of the best Arab countries in exploration and refining.
    The Russian Rosatom Group came first in terms of investment costs, with a value exceeding $30 billion, representing about 7.4% of the total, while the Dutch Royal Dutch Shell Group and the Emirati Dana Gas Group came first as the largest founders, with 14 projects representing 2.3% of the total for each of them.
    As for the risks and incentives of investment and business related to the oil and gas sector in Arab countries, according to Fitch for the year 2024, they are measured according to 4 main indicators: the (country) and (industry) risk and incentive indicators in the exploration and production stage, and the (country) and (industry) risk and incentive indicators in the refining stage.
    According to the average results of the four indicators, the UAE, Saudi Arabia, Qatar, Iraq, Egypt, Kuwait and the Sultanate of Oman ranked as the best Arab countries in terms of the lowest risks and highest incentives, respectively, followed by Algeria, Bahrain, Mauritania, Libya, Tunisia, Sudan and Yemen.
    In terms of production, the report expected that Arab countries’ production of crude oil, compressed gas and other liquids would increase by 6.4% to 28.7 billion barrels per day in 2024, reaching about 33 million barrels per day in 2030, as well as an increase in crude oil refining capacity in 2024 to reach 11.3 million barrels per day, with a share of 10.7% of the global total, reaching 11.4 million barrels per day in 2030, supported by an increase in refining capacity in Iraq and the Emirates.
    The report expected that net Arab exports of hydrocarbon products would reach about 23.5 million barrels of oil equivalent per day in 2024, with expectations of rising to 27 million barrels of oil equivalent per day in 2030, as a result of expectations of an increase in this net in 4 Gulf countries, Iraq and Libya.
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